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Demonetisation has impacted investments in mega food parks, says MoFPI
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Thursday, 19 January, 2017, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The demonetisation has affected investments in mega food parks. This was stated by the ministry of food processing industries (MoFPI).
According to sources in the ministry, the demonetisation hasaffected both the enthusiasm of investors and the implementation of projects in mega food parks.
However, they said that this was a temporary phase and the situation would become normal within a couple of months.
“The demonetisation has held back investments in the mega food parks. Credit inflow has taken a hit, and there are reports of a slump in the progress of projects,” said a MoFPI officer on condition of anonymity.
He added that at most of the places, the labour has left due to cash crunch, and as a result, the implementation of projects has come to a halt.
MoFPI has envisaged a total of 42 mega food parks across the country.Two of these - one in West Godavari, Andhra Pradesh, and the other in Khurda, Odisha - would be for marine processing.
There are currently eight operational mega food parks, while 26 are in the process of becoming operational in the coming months. Eight others have been given in-principle approval.
The officer said, “It isdifficult to quantify the impact, but it is a temporary phase and It would be a success story eventually. But it is taking some time, as it involves private investment, planning and execution over a period of time, and the demonetisation has delayed it.”
He added that the ministry aimed at making all the mega food parks fully operational in the next two years.
Meanwhile, the MoFPI has also put forth a plan by the name of Sampada to rejuvenate the entire chain of food processing industries with a targeted approach.
“A cabinet note has been prepared for the same. And we expect the decision any time soon on the subject which is for merging the ongoing and new schemes for covering the entire food processing chain,” the officer stated.
“These would include agro clusters, backward and forward integration with cold chain logistics, controlled temperature infrastructure and skill development,” he added.
In a cluster, five units with a investment of Rs 25-30crore with no specific land requirement will be eligible for 35 per cent grant from the ministry.
The official told that if somebody comes to establish a cluster, the ministry wouldhelp in subsidising common infrastructure like that of packaging and cold storage units, which could be availed by each of the unit.
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